v2.4.0.6
INVENTORIES
12 Months Ended
Dec. 31, 2013
Inventory Disclosure [Abstract]  
Inventory Disclosure [Text Block]

6. INVENTORIES

At December 31, 2013 and 2012, inventories consisted of:
 
 
 
 
 
2013
 
2012
  
 
(Dollars in thousands)
Finished shoes
 
$
80,876
 
 
$
82,535
 
LIFO reserve
 
 
(17,680)
 
 
 
(17,169
Total inventories
 
$
63,196
 
 
$
65,366
 
Finished shoes included inventory in-transit of $22.5 million and $14.3 million as of December 31, 2013 and 2012, respectively. At December 31, 2013 and 2012, approximately 89% of the Company’s inventories were valued by the LIFO method of accounting while approximately 11% were valued by the first-in, first-out (“FIFO”) method of accounting.
During 2013, there were liquidations of LIFO inventory quantities carried at lower costs prevailing in prior years as compared to the cost of fiscal 2013 purchases. The effect of the liquidation decreased cost of goods sold by $64,000 in 2013. During 2012, there were liquidations of LIFO inventory quantities carried at lower costs prevailing in prior years as compared to the cost of fiscal 2012 purchases. The effect of the liquidation decreased cost of goods sold by $104,000 in 2012. During 2011, there were liquidations of LIFO inventory quantities carried at lower costs prevailing in prior years as compared to the cost of fiscal 2011 purchases. The effect of the liquidation decreased costs of goods sold by $250,000 in 2011.